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2021-02-02 by Proactive Australia
Ironbark Zinc Ltd (ASX:IBG) has executed the buyback of the Citronen Project s life of mine production royalty, which is now extinguished in full.
The project s life of mine and 2.5% net smelter return (NSR) royalty is now extinguished in full to Pearyland Royalties Co.
Ironbark has agreed to pay Pearyland Royalties Co Ltd the following consideration in exchange for the extinguishment of the royalty:
$316,000 in cash ($50,000 of which will be paid as a non-refundable deposit); and
122 million shares from its existing 7.1 placement capacity. Transformational step forward
Managing director Michael Jardine said: This represents another transformational step forward in converting Citronen from opportunity to reality, and an extremely positive outcome for all IBG shareholders.